The Intermediary catches up with Liam Jenkins of StepChange, who won Later Life Adviser of the Year at the Later Life Lending Awards.
Congratulations on winning Later Life Adviser of the Year at the inaugural Later Life Lending Awards, how important is getting this recognition to you?
I think it’s great how much this pushes StepChange into the headlines of the industry.
I think StepChange has had a growing reputation for some time now, but for me to win this shows that we’re not only filling a niche in the market as far as the type of clients we can help, but that we’re also producing high quality work that compares with that of other brokers in the field.
I’m just incredibly proud to be involved and to be very much on the map in the equity release world.
What do you think sets your business apart from others in the field?
The obvious is that we don’t charge an advice fee, which ties into us not paying advisers any commission.
This neutralises any conversation you have with a client. I can switch everything else off in the background, really listen to a client and start to come up with the best solution.
Whether they go ahead or not, I’m getting paid this month and that means I can look 100% at what’s right.
This makes us quite special, and it’s why being part of a debt charity is so important. A lot of our clients will speak to us, and then be transferred to other/additional help within StepChange for alternative solutions such as debt management plans.
How important is it to recognise achievement in the sector?
There’s no doubt everyone works hard. There is a lot of midnight oil being burnt and there are a lot of people working individually either at home or on the road or in offices and the days weeks and months fly by.
The recognition is a great way to commend that, making it known across your peers and to make sure there is more to the job than just getting paid each month.
Looking ahead how do you see the next 12 months playing out for the later life market?
I can see a lot of cautiousness from lenders. It’s obvious there is a lot of that now. If LTVs remain low then the market will struggle to grow.
I know this is chicken or egg with how rates have inflated. I think there is an appetite to diversify products though and that needs to be done to drive the industry forward.
I have faith in the industry weathering the storm and being resourceful enough to have a successful year.
What advice would you give to someone looking to join the market?
Go for it! Always keep an open mind when speaking to clients and think of the bigger picture/long-term plan.
Treat people with respect but that doesn’t always mean giving them what they want.
How do you rate your chances of defending your win next year?
I think it’d be hard to stand out in that way for a second year, but who knows.
But, I do think we have a team full of potential winners here at StepChange!
